Nothing doing

Crypto is part of the political conversation now, but crypto policy is nothing doing.

Why it matters: There was momentum this year behind legislation friendly to the largest — and some of the louder — firms in the space, but now that the 2024 presidential election has come into view, the prevailing thought is now: Maybe next year.

Behind the scenes: There would have been a committee vote today on Sen. Debbie Stabenow's (D-Mich.) bill that outlined expanded powers for the CFTC to oversee digital assets, but there wasn't enough bipartisan support around it.

• Plans were reportedly abandoned at the 11th hour after Stabenow, the chairwoman of the Senate Agriculture Committee, couldn't secure enough support.
• A weekend push failed to get ranking member John Boozman (R-Ark.) to the table, according to Politico.

Zoom in: Word is Democrats in the Senate banking and agriculture committees are split over which of their leaders and committees should take the lead with crypto. (Note: One reps the SEC, the other, the CFTC.)

What they're saying: Boozman explained in a statement Monday evening sent to Axios, that while Stabenow's efforts were "appreciated," hustling to the finish line was not the way to do it.

• "I do not believe an arbitrary deadline is the way to achieve the proper outcome," he said. "We have time to get this right."

Yes, but: Stabenow is retiring next year.

What we're watching: Industry folks who spoke with Axios say they don't expect any movement on crypto legislation until after the election.

• One lobbyist said that they think both sides will be in a better position after, so they would rather wait.
• A VC described the stalemate: "If you're going to win, why compromise?"

Brady Dale contributed additional reporting.